The Confederation of British Industry (CBI), and 41 trade associations, have issued a joint statement outlining how action by chancellor Rishi Sunak in this month’s Budget to reform the business rates system could unleash a wave of investment across government priorities, including net-zero and levelling up.
The existing business rates regime was described as “outdated” and said to act as a drag on the government’s goal of a high-wage, high-productivity and high-investment economy. The current system actively disincentivises business investment in decarbonisation, the statement said.
“Action to get investment flowing into and around the UK is sorely needed to reinforce our recovery,” said Rain Newton-Smith, CBI’s chief economist. “The government deserves credit for convening the supply chain advisory group to unblock temporary challenges, but as we’re seeing with energy prices, there is no substitute for longer-term planning and investment.”
Newton-Smith...